Steppe Gold (TSX:STGO) ROCE %: 43.85% (As of Mar. 2026)


TSX:STGO Steppe Gold Ltd TSX:STGO
77 GF Score
Price C$1.28
GF Value C$1.07
Valuation Modestly Overvalued
! 2 Warning Signs
View Full Analysis

What is Steppe Gold ROCE %?

Steppe Gold TSX:STGO -4.48% 77 ROCE % is 43.85% as of Mar. 2026. GuruFocus rates TSX:STGO with a GF Score™ of 77/100 and a GF Value™ of C$1.07 (Modestly Overvalued). The stock has 2 warning signs investors should review.

ROCE % measures how well a company generates profits from its capital. It is calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as Total Assets minus Total Current Liabilities. Steppe Gold's annualized ROCE % for the quarter that ended in Mar. 2026 was 43.85%.

Steppe Gold  (TSX:STGO) ROCE % Explanation

ROCE % can be especially useful when comparing the performance of capital-intensive companies. Unlike ROE %, which indicates the profitability of Shareholders Equity, ROCE % also considers long-term debt in Capital Employed. This can be helpful when analyzing companies with significant debt, as the result is neutralized by taking debt into consideration.

Generally speaking, a higher ROCE % indicates a stonger profitability for a company. Moreover, it is important to look at the ratio from a long term perspective. Investors tend to favor companies with stable and rising ROCE % trend over those with volatile ones.

Steppe Gold ROCE % Related Terms

Steppe Gold ROCE % Historical Data

* Premium members only.

The historical data trend for Steppe Gold's ROCE % can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Steppe Gold ROCE % Chart

Steppe Gold Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
ROCE %
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.19 41.86 105.05 46.06 30.58

Steppe Gold Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
ROCE % Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 19.20 21.57 19.44 63.45 43.85
TSX:STGO
77GF Score
Steppe Gold Ltd TSX:STGO
ROCE % is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Steppe Gold ROCE % Calculation

Steppe Gold's annualized ROCE % for the fiscal year that ended in Dec. 2025 is calculated as:

ROCE %=EBIT/( (Capital Employed+Capital Employed)/ count )
(A: Dec. 2025 )  (A: Dec. 2024 )(A: Dec. 2025 )
=EBIT/( ( (Total Assets - Total Current Liabilities)+(Total Assets - Total Current Liabilities) )/ count )
(A: Dec. 2025 )  (A: Dec. 2024 )(A: Dec. 2025 )
=115.027/( ( (501.7 - 92.284) + (494.382 - 151.588) )/ 2 )
=115.027/( (409.416+342.794)/ 2 )
=115.027/376.105
=30.58 %

Steppe Gold's ROCE % of for the quarter that ended in Mar. 2026 is calculated as:

ROCE %=EBIT (1)/( (Capital Employed+Capital Employed)/ count )
(Q: Mar. 2026 )  (Q: Dec. 2025 )(Q: Mar. 2026 )
=EBIT/( ( (Total Assets - Total Current Liabilities)+(Total Assets - Total Current Liabilities) )/ count )
(Q: Mar. 2026 )  (Q: Dec. 2025 )(Q: Mar. 2026 )
=151.42/( ( (494.382 - 151.588) + (518.425 - 170.54) )/ 2 )
=151.42/( ( 342.794 + 347.885 )/ 2 )
=151.42/345.3395
=43.85 %

(1) Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about ROCE % →
What does a ROCE % of 43.85% mean?
Steppe Gold (TSX:STGO) has a ROCE % of 43.85% as of Mar. 2026.
Is Steppe Gold's ROCE % too high?
Steppe Gold's current ROCE % is 43.85%. Overall, Steppe Gold has a GF Score™ of 77/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Steppe Gold's ROCE % compare to NEM and AU?
Steppe Gold's ROCE % of 43.85% can be compared against companies in the Metals & Mining industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROCE % for a Metals & Mining company?
A good ROCE % depends on the Metals & Mining industry context. However, ROCE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROCE % mean?
A high ROCE % can signal that a stock is expensive relative to its fundamentals. Steppe Gold's current ROCE % is 43.85%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Steppe Gold stock overvalued right now?
Based on GuruFocus' analysis, Steppe Gold (TSX:STGO) is currently considered Modestly Overvalued. The stock's GF Value™ is C$1.07, compared to a current price of C$1.28 — trading 19.6% above its estimated fair value. The current ROCE % is 43.85%. Steppe Gold's overall GF Score™ is 77/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROCE % calculated?
ROCE % is calculated from a company's financial statements. For Steppe Gold (TSX:STGO), the current ROCE % is 43.85% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Steppe Gold (TSX:STGO) Overvalued in 2026?

Based on GuruFocus' analysis, Steppe Gold stock appears to be overvalued. The current stock price of C$1.28 is trading 19.6% above its estimated GF Value™ of C$1.07. GuruFocus considers Steppe Gold to be Modestly Overvalued.

Key valuation signals for TSX:STGO:

  • ROCE %: 43.85%
  • GF Value™: C$1.07 vs. price of C$1.28 (19.6% above fair value)
  • GF Score™: 77/100 with 2 warning signs

No single metric tells the full story. See the TSX:STGO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Steppe Gold Business Description

Other Exchanges STPGF:USA2J9:Germany
Address Peace Avenue 17, 7th floor, Blue Sky Tower, Sukhbaatar District 1, Ulaanbaatar, MNG, 14241
Steppe Gold Ltd is engaged in operating, developing, exploring, and acquiring precious metal projects in Mongolia. The company's commercially producing mine is the Altan Tsagaan Ovoo Property (the ATO Project, or ATO Gold Mine), located in Eastern Mongolia. In addition, it owns the Boroo and Ulaanbulag mines (together as the Boroo Project), and holds interest rights in the Uudam Khundii (UK) project in Mongolia. The company derives its revenue from the sale of gold and silver to banks in Mongolia at London Metal Exchange-based spot rates. A majority of its revenue is generated from the sale of gold.
77GF Score

Get the complete analysis for TSX:STGO

ROCE % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

C$1.28
Price
C$1.07
GF Value